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207 MPs hail Iran’s successful oil diplomacy

Some 207 members of the Iranian parliament in a statement appreciated Iranian oil diplomacy which resulted in Iran’s gaining its pre-sanction quota in the Organization of Petroleum Exporting Countries (OPEC).

207 MPs hail Iran’s successful oil diplomacy
(Wednesday, December 7, 2016) 14:39
OPEC in its 171st ordinary meeting on Wednesday, November 30, agreed to Iran's share of 3.9 million barrels per day in its total output.

The petroleum ministers of the Organization of the Petroleum Exporting Countries (OPEC) have agreed to cut 1.2 million barrels a day from the Organization's present output.

The OPEC reached the agreement for the first ever since 2008 to decrease its production, hence being able to implement the Algiers accord of September 28.

Based on the Algiers accord, the Organization was to minimize the production level to 32.5 million barrels per day to 33 million barrels per day.

The minus politicized OPEC decision proves that under difficult conditions important decisions still can be made and play a major role in the world energy market.

Predictions show that following the OPEC decision, oil price will reach 50 to 55 dollars a barrel.

Minister of Petroleum Bijan Zangeneh had prior to the OPEC session announced, 'If economic spirit governs the meeting of the oil and energy ministers of OPEC, we will reach decision very soon; however, if politics are to be involved, the decision making will be at times very difficult.'

Per OPEC agreement on Wednesday, Saudi Arabia will cut its production by 500,000 barrels per day to the level of 10.6 million barrels per day.
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